The manager of Mapletree Pan Asia Commercial Trust (MPACT) has reported a distribution per unit (DPU) of 2.01 cents for the 1QFY2025/2026, down 3.8% y-o-y.
Gross revenue for the period came in 7.6% y-o-y lower at $218.6 million, and net property income declined 7.5% y-o-y to $166 million.
The trust says that this largely reflects the absence of Mapletree Anson’s contribution following its divestment on July 31, 2024, as well as lower overseas contributions.
Excluding Mapletree Anson, core Singapore’s NPI saw a 2.9% y-o-y growth, from VivoCity’s 6.0% NPI growth despite disruptions from the ongoing Basement 2 asset enhancement initiatives (AEIs).
For the quarter, property operating expenses improved 8.1% y-o-y primarily attributable to Mapletree Anson’s divestment and lower utility rates.
Finance expenses for the quarter improved by 16.4% y-o-y, largely stemming from debt reduction following the divestment.
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At the closing of the quarter, the manager has announced the proposed divestment of two Japan office buildings to unrelated third parties for a total consideration of JPY8.73 billion.
As at June 30, MPACT has a committed occupancy of 89.3%, and a rental reversion of 1.4% y-o-y increase.
Its weighted average lease expiry (WALE) including leases commencing after June 30 stood at 2.3 years.
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The trusts’ average term to maturity of debt profile was 3.4 years, and debt profile had no more than 23% of debt expiring in any single financial year, as at end June. Interest coverage ratio came in at 2.9 times.
Units in MPACT closed 2 cents higher or 1.55% up at $1.31 on July 30.
